Under the new Banking Law, a universal license allows financial institutions to conduct all banking operations without restrictions, reports the website infohub.kz.
As of July 15, the Agency for Regulation and Development of the Financial Market announced the issuance of universal banking licenses to five legal entities. The law provides for two types of licenses: universal and basic. The former grants the right to conduct any operations, while the latter is limited: it allows attracting deposits, lending to individuals and businesses, and providing cash settlement services, but prohibits issuing loans to non-residents, dealing with derivative financial instruments, and investing in foreign assets.
All banks in Kazakhstan are required to re-register their license as either universal or basic within six months after the law comes into force.
Universal licenses have already been granted to: Alatau City Bank JSC, ForteBank JSC, Kaspi Bank JSC, Halyk Bank JSC (People's Bank of Kazakhstan), and Freedom Bank Kazakhstan JSC. In all cases, the licenses include additional types of financial operations, such as interbank loans and guarantees. For Freedom Bank, the license additionally specifies opening and maintaining metal accounts and accepting deposits for housing construction savings.
Meanwhile, the share of loans with overdue debt exceeding 90 days (NPL 90+) in Kazakh banks has increased by 14% since the beginning of 2026.